Shareholders of LG Chem, South Korea's leading chemical company, approved the spin-off of its battery business.

According to LG Chem, attendance at Friday's shareholders' meeting was 77-point-five percent, and 82-point-three percent of those who cast votes supported the spin-off.

The decision will pave the way for LG Chem to launch a new entity that will be wholly owned by the company, tentatively called LG Energy Solutions, on December 1.

The world's largest EV battery supplier initially proposed the spin-off in September, in the wake of growing demand from global automakers that have been racing to roll out eco-friendly vehicles.

LG Chem spends more than three trillion won per year in facility investments alone.

The company plans to attract trillions of won in investments into the new entity to achieve sustainable growth as the world's leader in EV battery production.